It what many believe is a move to get in front of the Governments plan to institute another foreclosure moratorium, B of A introduced a new "Principal Forgiveness" plan. Although the plan is targeted at the most troubled of mortgages i.e. Pay Option ARM's, 2 year Hybrid and Subprime mortgages it certainly appears to be the first plan that can create actual benefit to the homeowner. I am in contact with one of my resources at B of A to find out more about the details of this plan and will keep everyone updated as I learn more.
This was brought to my attention by a JMO Reader. Thank you KL!!
Regards
Robin
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